Fewer properties selling

Real estate sales volume for Central Otago Lakes fell by 18% compared with May.

Otago sales figures for June in the doldrums

House sales volumes fall as winter settles in

Sales fell 23% in Central Otago and 12.5% in Queenstown. Compared with June last year, sales fell by 19%, falling 5% in Queenstown and 29% in Central.

The median price across the region increased by $53,000, or 12.9%, compared with June 2013.

Prices rose 25% in Queenstown and 8% in Central. Compared with May, the median price fell $36,000, or 7.2%.

The number of days to sell increased by two days compared with May, from 51 days in May to 53 days in June.

Compared with June last year, the number of days to sell increased by 13 days.

Over the past 10 years, the average number of days to sell in June across the region was 62 days.

Real Estate Institute chief executive Helen O'Sullivan said some first-home buyers were reported as buying sections and building with the help of family, rather than buying existing stock, given recent low section prices in the area.

Investors were active, given recent increases in rental prices, although vendors appeared resolute in their expectations.

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